Don’t Let ONGC Go Air India Way: Executive

The government should privatise ONGC rather than give away its prime producing oil and gas fields to private companies “for a song and bleed the PSU to death”, say company executives. Selling just 18 per cent out of the government’s 68.07 per cent shareholding in ONGC will fetch over Rs 41,000 crore at current market price, many times more than the investment commitment it may get from giving away 60 per cent in 11 identified oil and gas fields of the company, they said.

Speaking to PTI on the condition of anonymity, a cross-section of ONGC employees, officials and executives expressed dismay at the move by Directorate General of Hydrocarbons (DGH) to handover 11 of the company’s fields including Kalok, Ankleshwar, Gandhar and Santhal — the big four oilfields in Gujarat, to private sector on grounds of raising output. Read More…